Boyd Gaming Corp (BYD) 2023 Q1 法說會逐字稿

Hello, everyone. Thank you all for attending today's Boyd Gaming First Quarter 2023 Conference Call. My name is Sierra, and I will be the moderator today. (Operator Instructions).

大家好。感謝大家參加今天的 Boyd Gaming 2023 年第一季度電話會議。我叫 Sierra，今天我將擔任主持人。 （操作員說明）。

I would now like to pass the conference over to our host, Josh Hirsberg, CFO and Treasurer of Boyd Gaming. Please proceed.

我現在想將會議轉交給我們的主持人，Josh Hirsberg，Boyd Gaming 的首席財務官兼財務主管。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to our first quarter earnings conference call. Joining me on the call this afternoon is Keith Smith, our President and Chief Executive Officer.

謝謝你，運營商。大家下午好，歡迎來到我們的第一季度收益電話會議。今天下午和我一起參加電話會議的是我們的總裁兼首席執行官 Keith Smith。

Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise those forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.

我們今天的評論將包括《私人證券訴訟改革法案》中的前瞻性陳述。我們評論中的所有前瞻性陳述均截至今天，我們不承擔更新或修改這些前瞻性陳述的義務。實際結果可能與任何前瞻性聲明中預測的結果存在重大差異。存在某些風險和不確定性，包括我們向美國證券交易委員會提交的文件中披露的可能影響我們業績的風險和不確定性。

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today and both of which are available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses.

在我們今天的電話會議中，我們將參考非 GAAP 財務措施。如需歷史非 GAAP 與 GAAP 財務指標的完整對照，請參閱我們今天向美國證券交易委員會提供的收益新聞稿和 8-K 表格，兩者均可在 investors.boydgaming.com 上找到。由於我們無法預測特殊費用和某些費用，我們不提供前瞻性非 GAAP 財務措施的對賬。

As noted in an 8-K filed earlier this month, we have recast our segments. Online is now reported separately. Additionally, the results that include Wilton's management fee and Lattner Entertainment reported in a separate category, Managed and Other. These results were previously reported as part of our Midwest and South segment. For additional information on these segments, including results recast for prior periods, please refer to the Form 8-K we filed on April 11.

正如本月早些時候提交的一份 8-K 文件中所述，我們已經重鑄了我們的細分市場。在線現在單獨報告。此外，包括 Wilton 的管理費和 Lattner Entertainment 在內的結果在單獨的類別“託管和其他”中報告。這些結果之前作為我們中西部和南部部分的一部分進行了報告。有關這些細分市場的更多信息，包括前期重算的結果，請參閱我們於 4 月 11 日提交的 8-K 表格。

Today's call is being webcast live at boydgaming.com and will be available for replay in the Investor Relations section of our website shortly after the completion of this call.

今天的電話會議在 boydgaming.com 進行網絡直播，電話會議結束後不久，我們網站的“投資者關係”部分將提供重播。

So with that, I would now like to turn the call over to Keith Smith. Keith?

因此，我現在想把電話轉給 Keith Smith。基思？

Thanks, Josh. Good afternoon, everyone. The first quarter of 2023 was an excellent start to the year for our company as we once again improved the strength of our business model and the resilience of our diversified portfolio.

謝謝，喬希。大家下午好。 2023 年第一季度對我們公司來說是一個良好的開端，因為我們再次提高了業務模式的實力和多元化投資組合的彈性。

Our strategy of focusing on growing play from our core customers and managing our business efficiently has delivered consistently higher levels of performance and record results over the last several years. In the first quarter, it was no exception, led by record performances in our Las Vegas Locals and Downtown segments as well as substantial growth in both our online operations and our management fees from Sky River Casino.

我們專注於增加核心客戶的參與和有效管理我們的業務的戰略在過去幾年中始終如一地提供更高水平的績效和創紀錄的成果。第一季度也不例外，我們在拉斯維加斯當地和市中心部門的創紀錄表現以及我們的在線業務和 Sky River Casino 的管理費大幅增長。

On a company-wide basis, revenues were $964 million, and EBITDAR was more than $367 million, both first quarter records as operating margins exceeded 38%. And when excluding contributions from the Online and Managed segments, our margins were 40% again, consistent with our margins over the last several years. During the quarter, play from our core customers across the country rose more than 3%, driven by increased spend per visit, while our core customer counts also continued to grow.

在全公司範圍內，收入為 9.64 億美元，EBITDAR 超過 3.67 億美元，均創下第一季度營業利潤率超過 38% 的記錄。當排除來自在線和託管部分的貢獻時，我們的利潤率再次達到 40%，與我們過去幾年的利潤率一致。本季度，在每次訪問支出增加的推動下，我們全國核心客戶的遊戲增長超過 3%，而我們的核心客戶數量也在繼續增長。

Our strategic focus on growing core customer play is the foundation of our ongoing success. By tailoring our business to our core customers, we've built a more efficient and profitable business model that exhibits both strength and resilience in today's economic environment. Looking at segment results, our Las Vegas Locals business had another strong quarter, setting first quarter records for revenues, EBITDAR and operating margins. Revenues and EBITDAR each grew about 6% in the segment, while operating margins were 52.5% once again exceeding 50%.

我們對發展核心客戶的戰略重點是我們持續成功的基礎。通過為我們的核心客戶量身定制我們的業務，我們已經建立了一個更高效、更有利可圖的商業模式，在當今的經濟環境中展現出實力和彈性。從分部業績來看，我們的 Las Vegas Locals 業務又迎來了一個強勁的季度，創下了第一季度收入、EBITDAR 和營業利潤率的記錄。該部門的收入和 EBITDAR 各增長約 6%，而營業利潤率為 52.5%，再次超過 50%。

Gaming revenue was up in the local segment as core play increased 3% over the prior year, while unrated play also grew slightly. Non-gaming revenue growth was even stronger, driven by demand from out-of-town guests. Hotel revenue in the segment rose nearly 30% year-over-year, driven by double-digit gains in both occupied rooms and cash room rates. These trends should continue as hotel reservations for the next 90 days and our local properties are currently up more than 10% year-over-year. We also drove solid gains in our food and beverage business at our locals properties.

由於核心遊戲比上一年增長 3%，本地部分的博彩收入有所增長，而未分級遊戲也略有增長。受外地客人需求的推動，非博彩收入增長更為強勁。該細分市場的酒店收入同比增長近 30%，這得益於入住客房和現金房價的兩位數增長。隨著未來 90 天的酒店預訂，這些趨勢應該會持續下去，我們當地的酒店目前同比增長超過 10%。我們還在當地物業的食品和飲料業務中取得了可觀的收益。

Looking ahead, we expect to see continued benefits from the strong tourism trends across the Las Vegas Valley. Over the trailing 12 months, more than 40 million people visited Las Vegas, up 16% than prior year, while traffic through the Las Vegas Airport reached 54.7 million passengers during that same time frame, an all-time record. And Las Vegas visitors are spending much more during their trips, averaging over $1,100 per visit last year, an increase of nearly 35% over 2019 levels. This resulted in annual visitor spend of approximately $45 billion in Las Vegas last year, an all-time high.

展望未來，我們預計拉斯維加斯谷強勁的旅遊趨勢將持續帶來好處。在過去的 12 個月裡，有超過 4000 萬人次訪問了拉斯維加斯，比去年增長 16%，而同期通過拉斯維加斯機場的客流量達到 5470 萬人次，創歷史新高。拉斯維加斯的遊客在旅行中花費更多，去年平均每次訪問花費超過 1,100 美元，比 2019 年增長近 35%。這導致去年拉斯維加斯的年度遊客消費約為 450 億美元，創歷史新高。

Convention business is strengthening as well, rising 86% over the trailing 12 months. The entire market is benefiting from a strong lineup of entertainment and sporting events across the city within the first quarter and throughout 2023. With more than 5,000 hotel rooms in the market, our locals properties are well positioned to capitalize on these strong visitation trends. These trends are also helping to drive solid growth at our Downtown Las Vegas business, which set first quarter records for EBITDAR and margins. Downtown revenues rose 14%, EBITDAR was up 22% and margins increased 240 basis points to 39.5%.

會議業務也在加強，在過去 12 個月內增長了 86%。整個市場將受益於第一季度和整個 2023 年全市豐富的娛樂和體育賽事陣容。市場上有 5,000 多間酒店客房，我們的本地物業已做好充分準備，可以利用這些強勁的訪問趨勢。這些趨勢也有助於推動我們拉斯維加斯市中心業務的穩健增長，該業務創下了第一季度的 EBITDAR 和利潤率記錄。市區收入增長 14%，EBITDAR 增長 22%，利潤率增長 240 個基點至 39.5%。

With more people visiting Las Vegas, more of them are stopping by Downtown during their stay. 58% of Las Vegas visitors reported they visited Downtown Las Vegas last year. This increased visitation is benefiting all 3 of our Downtown properties. But our Downtown growth story goes well beyond increased tourism in the Fremont Street area. We continue to see strong trends in our core Hawaiian customer segments as well, with play from these customers up more than 10% year-over-year in our Downtown properties.

隨著越來越多的人訪問拉斯維加斯，他們中的更多人在逗留期間會在市中心停留。 58% 的拉斯維加斯遊客表示他們去年去過拉斯維加斯市中心。這種增加的訪問量使我們在市中心的所有 3 個物業都受益。但我們市中心的增長故事遠遠超出了弗里蒙特街地區旅遊業的增長。我們繼續看到我們核心夏威夷客戶群的強勁趨勢，這些客戶在我們市中心的物業中的表現同比增長超過 10%。

And our recent investments at the Fremont, including our new food hall, expanded slot offering and FanDuel's Sportsbook helped to drive significant revenue and EBITDAR gains with rate of play up 20% year-over-year at that property.

我們最近在弗里蒙特的投資，包括我們新的美食大廳、擴大的老虎機產品和 FanDuel 的體育博彩，幫助推動了可觀的收入和 EBITDAR 收益，該物業的播放率同比增長 20%。

Moving next to the Midwest and South. Revenues were in line with the prior year, while EBITDAR declined due to softness in Louisiana and Mississippi. However, outside of these 2 states, customer trends remained very stable across our Midwest and South portfolio with core customer play for the entire segment increasing 2% for the quarter.

靠近中西部和南部。收入與上一年持平，但由於路易斯安那州和密西西比州的疲軟，EBITDAR 有所下降。然而，在這兩個州之外，我們的中西部和南部投資組合的客戶趨勢仍然非常穩定，整個細分市場的核心客戶在本季度增長了 2%。

Excluding our Louisiana, Mississippi properties, core play grew 6% and unrated play also grew at our other regional properties. And on a sequential basis, results for the first quarter improved over the fourth quarter in the Midwest and South region. Similar to the rest of our portfolio, we are seeing strong growth in nongaming revenues across the Midwest and South.

不包括我們在路易斯安那州、密西西比州的物業，核心業務增長了 6%，而我們其他區域物業的未評級業務也有所增長。從環比來看，中西部和南部地區第一季度的業績比第四季度有所改善。與我們其他投資組合類似，我們看到中西部和南部的非博彩收入強勁增長。

We have recently made investments to enhance our hotel and food and beverage offering across many of our regional properties, and these investments are now contributing to solid nongaming revenue growth and core customer play. Next, our online segment achieved first quarter EBITDAR of nearly $21 million. This is more than double our prior year results, driven by the launch of online gaming in Ohio and Kansas, continued growth in our existing markets and the addition of Boyd Interactive. Based on our strong start to the year and normal seasonality of the business, we estimate our online operations will generate approximately $50 million in EBITDAR in 2023. This projection includes a full year of contribution from FanDuel operations in Ohio and Kansas as well as results from Boyd Interactive. We will soon be expanding Boyd Interactive's portfolio. We expect to transition subject to final regulatory approvals, our Stardust online casinos in Pennsylvania and New Jersey to the Boyd Interactive platform during the month of May.

我們最近進行了投資，以增強我們在許多區域性資產中的酒店和餐飲服務，這些投資現在正在促進非博彩收入的穩健增長和核心客戶的參與。接下來，我們的在線部門在第一季度實現了近 2100 萬美元的 EBITDAR。在俄亥俄州和堪薩斯州推出在線遊戲、我們現有市場的持續增長以及 Boyd Interactive 的加入的推動下，這是我們去年業績的兩倍多。根據我們今年的強勁開局和正常的業務季節性，我們估計我們的在線業務將在 2023 年產生約 5000 萬美元的 EBITDAR。該預測包括俄亥俄州和堪薩斯州 FanDuel 業務的全年貢獻以及來自博伊德互動。我們將很快擴展 Boyd Interactive 的產品組合。我們預計在獲得最終監管批准後，我們在賓夕法尼亞州和新澤西州的 Stardust 在線賭場將在 5 月份過渡到 Boyd Interactive 平台。

Once complete, this transition will be an important step forward in the execution of our online gaming strategy. Beyond the increasing financial contributions of our online business, we've also created significant shareholder value as a result of our 5% equity stake in FanDuel Group which has established itself as the nation's clear leader in sports betting. Last, our Managed and Other business benefited from exceptional results at Sky River.

一旦完成，這一轉變將是我們執行在線遊戲戰略的重要一步。除了在線業務不斷增加的財務貢獻外，我們還通過持有 FanDuel Group 5% 的股權創造了可觀的股東價值，FanDuel Group 已成為美國體育博彩領域的明確領導者。最後，我們的託管和其他業務受益於 Sky River 的卓越業績。

Sky River continues to perform ahead of expectations generating $20 million in management fees for our company during the quarter. We are proud to have achieved such strong results for the Wilton Rancheria Tribe. And given this early success, Tribe is now considering expanding the property which could further enhance its long-term potential. Sky River is off to an excellent start, and we look forward to continued success in the years ahead. So in all, our nationwide operations had a great start to the year.

Sky River 的表現繼續超出預期，在本季度為我們公司帶來了 2000 萬美元的管理費。我們為 Wilton Rancheria 部落取得如此出色的成績感到自豪。鑑於早期的成功，Tribe 現在正在考慮擴大該物業，以進一步提升其長期潛力。 Sky River 有了一個良好的開端，我們期待在未來幾年繼續取得成功。因此，總的來說，我們在全國范圍內的業務今年開局良好。

Looking ahead, while the economic outlook remains uncertain, we remain optimistic regarding the direction of our business. Our core customer continues to perform well, and we have not seen any meaningful change in consumer behavior. In addition, our results will benefit from online and management fees from Sky River as we expect both to maintain strong year-over-year growth. We also expect continued returns from the investments we are making in our properties nationwide. In addition to driving nongaming revenue growth, these investments are essential to our strategy of attracting and retaining core customers.

展望未來，雖然經濟前景仍不明朗，但我們對業務方向仍持樂觀態度。我們的核心客戶繼續表現良好，我們沒有看到消費者行為有任何有意義的變化。此外，我們的業績將受益於 Sky River 的在線和管理費，因為我們預計兩者都將保持強勁的同比增長。我們還期望從我們在全國范圍內的物業投資中獲得持續回報。除了推動非博彩收入增長外，這些投資對於我們吸引和留住核心客戶的戰略至關重要。

Looking further ahead, we anticipate solid returns from our $100 million expansion of Treasure Chest casino, which is on track to open next spring. This project will significantly improve our product with a land-based single-level casino facility, an expanded array of nongaming amenities and much improved parking. When complete, we are confident this investment will allow us to improve the customer experience, attract new customers and enhance the overall efficiency of operations at this property.

展望未來，我們預計將從我們耗資 1 億美元的 Treasure Chest 賭場擴建中獲得可觀的回報，該賭場有望在明年春天開業。該項目將顯著改善我們的產品，包括陸上單層賭場設施、擴大的非博彩設施系列和大大改善的停車位。完成後，我們相信這項投資將使我們能夠改善客戶體驗，吸引新客戶並提高該物業的整體運營效率。

Thanks to our robust free cash flow. We are successfully balancing these investments in our portfolio with our capital return program. We plan to continue our $100 million per quarter share repurchase program supplemented by our dividend distributions. We are also creating value through our ESG initiatives as illustrated in our recently issued ESG report. In this year's report, we outlined our continued progress on many key initiatives, such as reducing carbon emissions, conserving water, diverting waste from landfills, promoting diversity and inclusion and supporting our communities through contributions to nonprofit organizations nationwide. Through these initiatives, we are fulfilling our long-standing commitment to ensure that our company is having a positive and lasting impact on our communities.

感謝我們強勁的自由現金流。我們成功地平衡了我們投資組合中的這些投資與我們的資本回報計劃。我們計劃繼續實施每季度 1 億美元的股票回購計劃，並輔以股息分配。正如我們最近發布的 ESG 報告所示，我們還通過我們的 ESG 舉措創造價值。在今年的報告中，我們概述了我們在許多關鍵舉措方面的持續進展，例如減少碳排放、節約用水、轉移垃圾填埋場的廢物、促進多樣性和包容性以及通過向全國非營利組織捐款來支持我們的社區。通過這些舉措，我們正在履行我們的長期承諾，以確保我們的公司對我們的社區產生積極和持久的影響。

In conclusion, this was another outstanding quarter for our company, further demonstrating the resilience of our business and the strength of an efficient operating model built on driving play from our core customers. As a result of our diversified portfolio, our record performances in Las Vegas Locals and Downtown Las Vegas and increased contributions from our Online and Managed operations, we delivered another quarter of record results. Our core customer remains strong.

總之，這是我們公司又一個出色的季度，進一步證明了我們業務的彈性以及建立在推動核心客戶參與的基礎上的高效運營模式的實力。由於我們多元化的投資組合，我們在拉斯維加斯當地和拉斯維加斯市中心的創紀錄表現以及我們在線和託管業務的貢獻增加，我們又創造了四分之一的創紀錄業績。我們的核心客戶仍然很強大。

Our growth initiatives like Sky River online and property investments are delivering strong results, and we are successfully maintaining strong efficiencies throughout our business, remaining financially disciplined in the allocation of our free cash flow. I'd like to thank every member of the Boyd team for their contributions to our success. Together, we are delivering great results for our shareholders, and it is a privilege to be part of this talented and dedicated team. Thank you for your time.

我們的增長計劃，如 Sky River 在線和房地產投資，正在取得強勁的成果，我們在整個業務中成功地保持了強勁的效率，在自由現金流的分配方面保持了財務紀律。我要感謝 Boyd 團隊的每一位成員，感謝他們為我們的成功所做的貢獻。我們一起為我們的股東帶來了巨大的成果，很榮幸能成為這個才華橫溢、敬業的團隊的一員。感謝您的時間。

I would now like to turn the call over to Josh. Josh?

我現在想把電話轉給 Josh。喬什？

Thanks, Keith. This was another successful quarter for our company, reflecting a focus on our core customer and a disciplined approach to operating our business. Revenues were $964 million, and EBITDAR after corporate expense was $367 million, both records. Margins were 38%, excluding contributions from online and management fees. Property level margins after corporate expense were 40%, consistent with the margins we have delivered over the last several years.

謝謝，基思。這是我們公司又一個成功的季度，反映了我們對核心客戶的關注以及我們經營業務的嚴謹方法。收入為 9.64 億美元，扣除公司費用後的 EBITDAR 為 3.67 億美元，均創歷史新高。利潤率為 38%，不包括來自在線和管理費的貢獻。扣除公司費用後的物業水平利潤率為 40%，與我們過去幾年實現的利潤率一致。

This quarter's performance stands out for its consistency and for our ability to continue to deliver these results in today's economic environment. As I mentioned earlier, we are now reporting separately our Online operations and our Managed operations. The Online segment consists of contributions from our partnership with FanDuel and other market access agreements as well as results from Boyd Interactive, our online casino business. Revenues in this segment also include tax pass-through amounts that were $96 million in the first quarter and $42 million last year during the same period.

本季度的業績因其一致性以及我們在當今經濟環境中繼續取得這些成果的能力而脫穎而出。正如我之前提到的，我們現在分別報告我們的在線運營和託管運營。在線部分包括我們與 FanDuel 的合作夥伴關係和其他市場准入協議的貢獻，以及我們在線賭場業務 Boyd Interactive 的成果。該部門的收入還包括稅收轉嫁金額，第一季度為 9600 萬美元，去年同期為 4200 萬美元。

Based on Keith's earlier comments, we expect this segment will generate about $50 million in EBITDAR this year compared to $40 million last year. This performance reflects the growth in our online business as well as a full year contribution from Boyd Interactive. The Managed and Other segment consists of fees generated by our management contract at Sky River Casino as well as contributions from Lattner Entertainment. On our last call, we indicated we expected to generate about $50 million in management fees during 2023 from Sky River.

根據 Keith 之前的評論，我們預計該部門今年將產生約 5000 萬美元的 EBITDAR，而去年為 4000 萬美元。這一業績反映了我們在線業務的增長以及 Boyd Interactive 全年的貢獻。管理和其他部分包括我們在 Sky River Casino 的管理合同產生的費用以及 Lattner Entertainment 的貢獻。在上次電話會議中，我們表示預計 2023 年將從 Sky River 獲得約 5000 萬美元的管理費。

Given the ongoing success of this property, we now believe it is reasonable to expect that we will earn approximately $65 million to $70 million in management fees this year. In addition to the management fees that we earned during the first quarter, the Tribe began repaying the $113 million we advanced to the project. We received $17 million during the quarter. And based on current projections with ongoing quarterly payments, we expect the loan will be fully repaid by early 2024.

鑑於該物業的持續成功，我們現在相信有理由預計我們今年將獲得大約 6500 萬至 7000 萬美元的管理費。除了我們在第一季度賺取的管理費外，部落還開始償還我們為該項目預付的 1.13 億美元。我們在本季度收到了 1700 萬美元。根據目前正在進行的季度付款的預測，我們預計這筆貸款將在 2024 年初之前全部償還。

As you can see from our results, both of these segments were important contributors during the quarter. For the full year, these segments are expected to generate approximately $130 million of EBITDAR in 2023 compared to approximately $80 million in 2022 on a comparable basis. During the first quarter, capital expenditures were $96 million, including spend for Fremont and Treasure Chest. For the full year, we expect total capital expenditures to be $350 million, including $250 million in maintenance capital and $100 million related to the Treasure Chest land-based project and completing the renovation of the Fremont.

正如您從我們的結果中看到的那樣，這兩個部分在本季度都是重要的貢獻者。全年，這些部門預計將在 2023 年產生約 1.3 億美元的 EBITDAR，而在可比基礎上，2022 年約為 8000 萬美元。第一季度，資本支出為 9600 萬美元，包括 Fremont 和 Treasure Chest 的支出。對於全年，我們預計總資本支出為 3.5 億美元，其中包括 2.5 億美元的維護資本和與 Treasure Chest 陸上項目相關的 1 億美元以及完成弗里蒙特的翻新。

In terms of capital returns to shareholders, we repurchased $106 million in stock during the quarter, representing 1.7 million shares at an average price of $61.59 per share. The actual share count at the end of the quarter was 101.5 million shares and we have approximately $133 million remaining under our current repurchase authorization. During the first quarter, we also announced an increase in our quarterly dividend to $0.16 per share, which was paid on April 15. Between our share repurchases and dividends, we have returned nearly $800 million to shareholders since late 2021, and we expect to surpass $1 billion in capital returns by the end of 2023. We have a very strong balance sheet with low leverage, no near-term debt maturities and ample borrowing capacity under our credit agreement.

在對股東的資本回報方面，我們在本季度回購了 1.06 億美元的股票，相當於 170 萬股，平均價格為每股 61.59 美元。本季度末的實際股票數量為 1.015 億股，根據我們目前的回購授權，我們還有大約 1.33 億美元。在第一季度，我們還宣布將季度股息增加至每股 0.16 美元，已於 4 月 15 日支付。自 2021 年底以來，在我們的股票回購和股息之間，我們已向股東返還近 8 億美元，我們預計會超過到 2023 年底，資本回報將達到 10 億美元。我們的資產負債表非常強勁，槓桿率低，沒有短期債務到期日，而且根據我們的信貸協議，借貸能力充足。

As of March 31, total leverage was 2.3x and lease-adjusted leverage was 2.7x. With a robust free cash flow and strong balance sheet, we have significant flexibility in today's uncertain economic environment to successfully balance our shareholder returns with capital investments. So in all, after another record first quarter, our company remains on very solid footing.

截至 3 月 31 日，總槓桿率為 2.3 倍，租賃調整后杠桿率為 2.7 倍。憑藉強勁的自由現金流和強勁的資產負債表，我們在當今不確定的經濟環境中具有極大的靈活性，可以成功地平衡我們的股東回報與資本投資。因此，總的來說，在第一季度又創紀錄之後，我們公司的基礎仍然非常穩固。

Our diversified operations continue to generate substantial free cash flow, and combined with our strong balance sheet, allow us to execute our capital return program while reinvesting in our property portfolio. As a result, our company is in the strongest position in our history with a proven business model focused on our most loyal customers, robust and diversified free cash flow and a strong balance sheet.

我們的多元化經營繼續產生可觀的自由現金流，並結合我們強勁的資產負債表，使我們能夠在對我們的房地產投資組合進行再投資的同時執行我們的資本回報計劃。因此，我們的公司處於我們歷史上最強大的地位，其成熟的商業模式專注於我們最忠誠的客戶、穩健和多元化的自由現金流以及強大的資產負債表。

That concludes our remarks, and we are now ready to take any questions.

我們的發言到此結束，我們現在準備好回答任何問題。

(Operator Instructions) Our first question today comes from Steve Wieczynski with Stifel.

（操作員說明）我們今天的第一個問題來自 Stifel 的 Steve Wieczynski。

So Josh, I want to ask about margins in the Midwest and the South segment, which were down about 200 basis points. And I'm just wondering if you could help us think about maybe what the drag was from Louisiana and Mississippi. And then maybe have you seen those markets improve at all? Or at the very least, are they weakening anymore? Or are they pretty stable at this point?

所以喬希，我想問一下中西部和南部地區的利潤率，它們下降了大約 200 個基點。我只是想知道你是否可以幫助我們思考來自路易斯安那州和密西西比州的拖累是什麼。然後也許您看到這些市場有任何改善嗎？或者至少，它們是否在減弱？還是他們在這一點上相當穩定？

Yes, Steve. So I think we've started to see stability in those 2 markets. It's really hard for us to understand at this point, totally what's going on. Some of it is related to onetime events that happened in those markets, but it does seem to be a little bit more broader based and economically impacted.

是的，史蒂夫。所以我認為我們已經開始看到這兩個市場的穩定。在這一點上，我們真的很難理解到底發生了什麼。其中一些與這些市場中發生的一次性事件有關，但它似乎確實有更廣泛的基礎和經濟影響。

If we kind of looked at margins when you -- if you kind of excluded Mississippi and Louisiana out of the Midwest and South and looked at the margins without those 2 properties, margins would be down about 90 to 100 basis points or so. So most of the decline in -- those 2 assets make up about a little bit more than half of the decline in margins, excuse me. So hopefully, that gives you a sense of kind of what's going on.

如果我們有點看利潤率，當你 - 如果你有點將密西西比州和路易斯安那州排除在中西部和南部之外，並且在沒有這兩個屬性的情況下查看利潤率，利潤率將下降約 90 到 100 個基點左右。所以大部分下降 - 這兩種資產占利潤率下降的一半多一點，對不起。希望這能讓您了解正在發生的事情。

Yes, it does. And then second question, Josh, if we think about your guide for the Online segment, I think you said you're still kind of expecting that $50 million-ish for the year. Can you maybe just help us think about seasonality then through the last couple of quarters of the year, given the fact that you guys did $21 million in the first quarter, just trying to kind of square away how you guys kind of think about the year, maybe some of the things we need to be watching for over the balance of the year?

是的，它確實。然後是第二個問題，Josh，如果我們考慮一下你的在線部分指南，我想你說過你仍然有點期待今年的 5000 萬美元。考慮到你們在第一季度的收入為 2100 萬美元，你們能否幫助我們考慮一下今年最後幾個季度的季節性，只是想了解一下你們對這一年的看法，也許我們需要在今年餘下時間關注的一些事情？

Yes. So when we think about first -- in the first quarter, we generated $21 million, as you stated, Steve, part of that, there were some -- there are some onetime items where we receive onetime fees related to some of our market access arrangements. And then also in that number is obviously the first full quarter of Boyd Interactive, which was formerly Pala.

是的。因此，當我們首先考慮時 - 在第一季度，我們產生了 2100 萬美元，正如你所說，史蒂夫，其中一部分 - 有一些一次性項目，我們收到與我們的一些市場准入相關的一次性費用安排。然後在這個數字中顯然還有 Boyd Interactive 的第一個完整季度，它以前是 Pala。

But as we think about the seasonality of the business outside of Boyd Interactive, I think the first quarter is one of the better quarters and the fourth quarter will be one of the better quarters. And then second and third are much lighter in terms of performance, just given the normal seasonality. So you can look back at last year and get a sense of the level of magnitude of the business that we saw in the second and third quarter, and get a sense of the difference in that and maybe the fourth quarter that you saw our performance as well as the first quarter this year.

但當我們考慮 Boyd Interactive 以外業務的季節性時，我認為第一季度是較好的季度之一，第四季度將是較好的季度之一。然後第二和第三在性能方面要輕得多，只是考慮到正常的季節性。因此，您可以回顧去年，了解我們在第二和第三季度看到的業務規模水平，並了解您認為我們的表現與第四季度和第四季度的差異今年第一季度也是如此。

Yes. Steve, this is Keith. It really is about the seasonality of the sports calendar. College and IFL football is what drives most of it in Q4 and then into Q1 as well as the college basketball playoffs in Q1. It gets pretty soft from a business standpoint in Q2 and Q3.

是的。史蒂夫，這是基思。這確實與體育日曆的季節性有關。大學和 IFL 橄欖球是第四季度的大部分驅動力，然後進入第一季度以及第一季度的大學籃球季后賽。從第二季度和第三季度的業務角度來看，它變得相當疲軟。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

I was hoping you could talk a little bit about what you're seeing on your land-based casino side of things in April, particularly, with maybe some of the lower tiers of your database as well as the 55-year-old plus segment?

我希望你能談談你在 4 月份在實體賭場方面看到的情況，特別是可能是你數據庫的一些較低層級以及 55 歲以上的部分？

Yes. So Joe, this is Keith. I think the trends we're seeing in early April are not meaningfully different than what we saw in the first quarter. In the first quarter, we saw good growth from both our 45 and up customers as well as we call our core customers through the kind of high-end customers.

是的。喬，這是基思。我認為我們在 4 月初看到的趨勢與我們在第一季度看到的趨勢沒有明顯不同。第一季度，我們看到 45 名及以上客戶的增長良好，我們通過高端客戶來稱呼我們的核心客戶。

As you get lower in the database, they didn't perform as well, but that is nothing new. It's been going on for several years, and so it's kind of an ongoing trend. Our focus is on the higher end of the database. So getting strong growth both across demographics, age categories as well as worth categories.

當您在數據庫中的位置越來越低時，它們的性能就會下降，但這並不是什麼新鮮事。它已經持續了好幾年，所以它是一種持續的趨勢。我們的重點是數據庫的高端。因此，在人口統計、年齡類別和價值類別方面都實現了強勁增長。

Our next question is from Carlo Santarelli with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Carlo Santarelli。

Just want to follow up on, I believe, it was Steve's question. If I just look at kind of the year-over-year performance in online for the balance of the year, 2Q to 4Q relative to the $50 million guidance and the first quarter, it looks like that you're effectively guiding to a flat result for the April through December period. Could I read into that as A being conservative? Or B, some spend associated with Boyd Interactive customer acquisition, et cetera. That is more or less offset by the growth that you're seeing in the -- with the FanDuel relationship and the online sports betting side?

只是想跟進，我相信，這是史蒂夫的問題。如果我只看今年餘下時間、第二季度到第四季度相對於 5000 萬美元指導和第一季度的在線業績，看起來你實際上是在指導一個持平的結果4 月至 12 月期間。我可以將其解讀為 A 保守嗎？或者 B，一些與 Boyd Interactive 客戶獲取相關的支出，等等。這或多或少被你在 FanDuel 關係和在線體育博彩方面看到的增長所抵消？

Yes. I'll try to help you, Carlo, a little bit. I think that I don't -- we tend to be conservative, but I don't think we're trying to go out of our way to be ultra conservative or anything like that. I think part of it is going to be a shift between online and Boyd Interactive, number one. All of it will show up in this same category. So you kind of have to make sure you're grouping all that together when we think about it. But when you think about the revenue share component of our business, based on what I just -- kind of the $21 million or so that we reported in Q1, you back out kind of the onetime payments in Boyd Interactive, you've got a run rate of about at least in Q1 of about $17 million of revenue share. And that's the business. That's what we're saying is the seasonal aspect of the business. Boyd Interactive itself which was obviously formerly Pala, did about $5 million last year.

是的。我會盡力幫助你，卡洛，一點點。我認為我沒有——我們傾向於保守，但我不認為我們正在努力變得極端保守或類似的東西。我認為其中一部分將是在線和 Boyd Interactive 之間的轉變，排名第一。所有這些都將出現在同一類別中。因此，當我們考慮時，您必須確保將所有這些組合在一起。但是，當你考慮我們業務的收入分成部分時，根據我剛才所說的 - 我們在第一季度報告的大約 2100 萬美元，你在 Boyd Interactive 中取消了一次性付款，你有一個至少在第一季度的運行率約為 1700 萬美元的收入份額。這就是生意。這就是我們所說的業務的季節性方面。 Boyd Interactive 本身（顯然以前是 Pala）去年賺了大約 500 萬美元。

So we expected to do in that $5 million to $6 million again this year. And so you just kind of build it on a full year basis. So kind of $17 million Q1 for factoring seasonality. Q4 will be probably similar to a little bit better than that, and then factoring Boyd Interactive on a full year basis. And that's generally how we came up with the numbers.

因此，我們預計今年將再次投入 500 萬至 600 萬美元。所以你只是在全年的基礎上構建它。第一季度因季節性因素而產生的 1700 萬美元。第 4 季度可能會比那好一點，然後在全年的基礎上考慮 Boyd Interactive。這通常就是我們得出這些數字的方式。

Got it. That makes sense. And then, Josh, I'm 90% sure on this, but I just wanted to double check. When you were discussing Managed and Other and you were talking about the success at Wilton, your guide was $65 million to $70 million, then you mentioned the $130 million number. The plug there between that and Online is Lattner contributing somewhere in the $10 million to $15 million range? Is that the piece that was missing there?

知道了。這就說得通了。然後，Josh，我對此有 90% 的把握，但我只是想仔細檢查一下。當你在討論 Managed 和 Other 並且你在談論 Wilton 的成功時，你的指南是 6500 萬到 7000 萬美元，然後你提到了 1.3 億美元的數字。那個和在線之間的插頭是 Lattner 貢獻了 1000 萬到 1500 萬美元之間的某個地方嗎？那是那裡丟失的那一塊嗎？

Yes, that's exactly right, Carlo.

是的，完全正確，卡洛。

Great. Okay. And then just lastly on the Locals market. Clearly, top line remains strong. You don't really have any sort of weather impacts in there. But it did look like there was an acceleration of revenue in the first quarter -- benchmarked against the first quarter of 2019 relative to what you saw in the second half of last year, is there anything noticeable that you guys are seeing in the Locals market of late?

偉大的。好的。最後在當地市場上。顯然，頂線仍然強勁。你在那裡真的沒有任何天氣影響。但看起來第一季度的收入確實有所加速——以 2019 年第一季度為基準，相對於去年下半年的情況，你們在當地市場看到了什麼值得注意的地方最近？

I wouldn't call out anything noticeable. I would just -- the only thing I could point to really, Carlo, to help you think through that is I think we do believe that the first quarter performance was generally a little bit better than the fourth quarter. So talking sequentially here now. And we saw better performance in the lower end and unrated segments of our database and good strength overall, and I'd say, continued strength in our core customer and older demographic generally. And so I think that's what we're seeing from the benefit of -- in both Las Vegas Locals and Downtown, quite honestly.

我不會說出任何值得注意的事情。我只是 - 我唯一能指出的是，Carlo，可以幫助你思考這個問題，我認為我們確實相信第一季度的表現總體上比第四季度好一點。所以現在在這裡依次發言。而且我們在數據庫的低端和未評級部分看到了更好的表現，並且總體上具有良好的實力，我想說的是，我們的核心客戶和老年人口總體上持續強勁。所以我認為這就是我們從拉斯維加斯當地人和市中心看到的好處，老實說。

So that might be playing into kind of what you're seeing when you look at kind of the pickup in performance.

因此，當您查看性能提升時，這可能會影響您所看到的情況。

Yes. Carlo, I think overall, Las Vegas had a very strong first quarter when you think about convention business and hotel occupancy. Absent the gaming numbers that came out today, convention business was extremely strong, grew from January to February into March. Occupancies were high. Rates were high. And so there was a lot of business in town in the first quarter of this year. So I think you probably saw a little bit stronger performance maybe in Q1 than you've seen in prior quarters.

是的。 Carlo，我認為總體而言，當您考慮會議業務和酒店入住率時，拉斯維加斯第一季度表現非常強勁。除了今天公佈的博彩數據，會議業務非常強勁，從 1 月到 2 月一直增長到 3 月。入住率很高。利率很高。因此，今年第一季度鎮上有很多生意。所以我認為你可能在第一季度看到了比前幾個季度更強的表現。

Our next question is from Barry Jonas with Truist.

我們的下一個問題來自 Barry Jonas 和 Truist。

Maybe just at a high level, you grew EBITDAR over 8% year-on-year in Q1. Consensus estimates right now, assuming EBITDAR is going to contract 3% this year or around there, is there anything you're seeing, expect to see which would warrant total EBITDAR to contract this year?

也許只是在高水平上，您在第一季度的 EBITDAR 同比增長超過 8%。目前的共識估計，假設 EBITDAR 將在今年或附近收縮 3%，您是否看到任何東西，預計會看到哪些保證今年 EBITDAR 總量收縮？

Yes, Barry. I think the only thing that we -- from where we sit today, the consumer trends continue to look very stable, consistent as I mentioned in the comment earlier to Carlo's question, I think we saw a little bit stronger business in the -- actually in the -- not only among our core customers and higher work customers, but we got the benefit of some of the lower end play, certainly in January and February.

是的，巴里。我認為我們唯一的事情 - 從我們今天所處的位置來看，消費趨勢繼續看起來非常穩定，正如我之前在評論 Carlo 的問題時提到的那樣，我認為我們看到了一些更強大的業務 - 實際上在 - 不僅在我們的核心客戶和更高的工作客戶中，而且我們從一些低端遊戲中受益，當然是在 1 月和 2 月。

So Q1 was good. I think we are looking at a little bit more difficult comps as we go into Q2. And as we look at the rest of the year, quite honestly, what gives us some comfort with not only the stable customer trends that we're seeing, but also we feel like we have a little bit of an insurance policy, if you will, with the growth that we have in Online and Managed and Other that we spoke about in our prepared remarks. So we feel like we have a little bit of cushion should our business get weaker obviously and what people are concerned about. But yes, that's all -- that's what we see.

所以第一季度很好。我認為我們在進入第二季度時會考慮一些更困難的組合。老實說，當我們回顧今年剩下的時間時，不僅看到穩定的客戶趨勢讓我們感到欣慰，而且我們覺得我們有一點保險單，如果你願意的話，隨著我們在準備好的評論中談到的在線和託管以及其他方面的增長。因此，如果我們的業務明顯變弱以及人們擔心的事情，我們覺得我們有一點緩衝。但是，是的，僅此而已——這就是我們所看到的。

Got it. And then just as a follow-up, can you maybe comment a little bit more about the labor environment right now across your segments? Is -- do you expect that to hold margins basically where they're at now? Or do you expect to see any further hits there just given the labor environment?

知道了。然後，作為後續行動，您能否就您所在部門目前的勞動環境發表更多評論？是 - 您是否希望將利潤率基本上保持在現在的水平？或者，您是否希望在勞動力環境下看到進一步的打擊？

So Barry, this is Keith. I think from a margin standpoint, we're comfortable kind of in the ZIP code that we're in today. We're competing or deal, I should say, not competing with, but dealing with cost pressures, whether they'd be wage pressures or utility cost increases or other cost increases across the board, but our teams are able to manage through them. So we're comfortable with the margins that we're producing, whether it be in the Las Vegas Locals region or the downtown region or the Midwest and South and expect to be able to kind of hold while not the exact number, very close to that as we go forward.

巴里，這是基思。我認為從保證金的角度來看，我們對今天所處的郵政編碼感到很舒服。我們正在競爭或交易，我應該說，不是競爭，而是處理成本壓力，無論是工資壓力還是公用事業成本增加或其他全面的成本增加，但我們的團隊能夠通過它們進行管理。因此，我們對我們產生的利潤率感到滿意，無論是在拉斯維加斯當地地區、市中心地區還是中西部和南部地區，我們都希望能夠保持穩定，但不是確切的數字，非常接近在我們前進的過程中。

Our next question comes from Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

Most of my questions have been answered, but just 2 smaller ones. First one, just to kind of go back to online and apologies if this has kind of give an inch, take a mile type detail. But Josh, can you just remind us, I mean, Ohio had a really big gross gaming revenue number out of the box for your partner there. When you're receiving your fees, it's presumably you're paid off of the growth? Is that part of the kind of extra seasonality we may see in that market there?

我的大部分問題都已得到解答，但只有 2 個較小的問題。第一個，只是想回到網上，如果這有點讓步，請道歉。但是喬什，你能不能提醒我們，我的意思是，俄亥俄州為你的合作夥伴提供了一個非常大的遊戲總收入數字。當您收到費用時，大概是您從增長中得到了回報？這是我們在那個市場上可能看到的那種額外季節性的一部分嗎？

Yes. I would say we had a very strong start in Ohio, and it is -- we do -- their performance gets indirectly reflected in our performance based on our share of revenue.

是的。我想說我們在俄亥俄州的開局非常強勁，而且——我們確實如此——他們的表現會根據我們的收入份額間接反映在我們的表現中。

Yes, Shaun. And you have to remember, I think when Ohio launched in January, not everybody launched right away. And so when you come around to the fourth quarter this year, you'll have more competition for the gambling dollar. So we had a great -- FanDuel had a great start in Q1, but there will be more competition as you get around to Q4.

是的，肖恩。你必須記住，我認為當俄亥俄州在 1 月份啟動時，並不是每個人都立即啟動。因此，當你來到今年第四季度時，你將有更多的賭博資金競爭。所以我們有一個偉大的 - FanDuel 在第一季度有一個很好的開端，但是隨著你進入第四季度，會有更多的競爭。

That's helpful. And then a small just sort of detailed one, but you gave some color on the consumer side, particularly in the regional markets. I think you mentioned the core customer spend both kind of with and without Louisiana and Mississippi. Just any quick highlight on kind of how unrated play looked in those markets? Was it down? And are you seeing that subside at all? Or is it relatively stable or healthy?

這很有幫助。然後是一個很小的細節，但是你在消費者方面給出了一些顏色，特別是在區域市場。我想你提到了核心客戶在有和沒有路易斯安那州和密西西比州的情況下都會花費。只是快速強調一下這些市場中未評級遊戲的表現如何？它下來了嗎？你看到這種情況完全消退了嗎？或者它是否相對穩定或健康？

I think if you look at unrated play here in the Las Vegas markets, the Locals market or the Downtown markets, we continue to see growth in unrated play. And if you exclude the South, we continue to see growth in kind of the other parts of our Midwest region. The South is down for the reasons we've talked about, frankly, over the last couple of calls.

我想如果你看看拉斯維加斯市場、當地市場或市中心市場的未評級遊戲，我們會繼續看到未評級遊戲的增長。如果你排除南方，我們繼續看到我們中西部地區其他地區的增長。坦率地說，由於我們在過去幾次電話會議中談到的原因，南方處於低迷狀態。

Okay. But no real change in pattern there even on the unrated side?

好的。但即使在未評級的方面，模式也沒有真正的變化嗎？

No, not at all.

一點都不。

Our next question comes from David Katz with Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

Josh, you commented earlier about roughly $5 million last year and $5 million to $6 million for Pala. Could we maybe get a bit more specific about what's in that $5 million or $6 million? Are there some extra costs? I'm trying to get a sense for where that could go and what the earnings power might be so that we could venture our own forecast as we get out a little further?

喬什，你早些時候評論說去年大約有 500 萬美元，帕拉大約有 500 萬到 600 萬美元。我們能否更具體地了解這 500 萬或 600 萬美元中的內容？有一些額外的費用嗎？我試圖弄清楚它會走向何方以及盈利能力可能是什麼，以便我們可以在我們走得更遠時冒險做出自己的預測？

Yes, David, I think that the reason we've tried to focus people on what they have done historically and kind of think of that as what they'll probably do this year is just because we look at that as a business that is being aligned and being formulated within the Boyd infrastructure now. So this is kind of a formative year for them, where they will invest in their existing business in terms of human capital as well as technology to enable them to kind of execute on the business they were growing, add some Boyd in the business that we are -- that we have acquired them for to help them grow longer term. So I think it's -- right now, at least, we would view it as premature to kind of expect growth until we've made those investments and get into the new year, next year or sometime.

是的，大衛，我認為我們之所以試圖讓人們關注他們過去做過的事情，並將其視為他們今年可能會做的事情，只是因為我們將其視為一項正在發展的業務現在在 Boyd 基礎設施內調整和製定。所以今年對他們來說是形成性的一年，他們將在人力資本和技術方面投資於他們現有的業務，使他們能夠在某種程度上執行他們正在發展的業務，在我們的業務中增加一些博伊德是——我們收購它們是為了幫助它們長期發展。所以我認為——至少現在，我們認為在我們進行這些投資並進入新的一年、明年或某個時候之前，期望增長還為時過早。

Yes, David, and this is not a zero-sum game. So as we take over the platforms in New Jersey and Pennsylvania, so hopefully, during the month of May, we'll stop receiving the fees we're receiving from FanDuel. And so simply to look at the growth in the Boyd Interactive business without some offsets from other fees you'd be overestimating or over forecasting the results. Overall, we've provided some level of guidance, which we generally don't do, is provide guidance, and that's probably about as far as we're going to go.

是的，大衛，這不是零和遊戲。因此，當我們接管新澤西州和賓夕法尼亞州的平台時，希望在 5 月份，我們將停止從 FanDuel 收取費用。因此，簡單地看一下博伊德互動業務的增長，而不考慮其他費用的一些抵消，你會高估或高估結果。總的來說，我們提供了一定程度的指導，我們通常不這樣做，是提供指導，這可能是我們要走的路。

Fair enough. And if I can just ask one other qualitative follow-up about it. It may be too early to tell, but the degree to which you're seeing some crossover/cannibalization one way or the other from land-based to digital. Is there anything that's discussable there?

很公平。如果我可以就此詢問其他定性跟進。現在下結論可能還為時過早，但你看到從陸基到數字的某種交叉/蠶食的程度。那裡有什麼可以討論的嗎？

No. I would just say that it's been our experience thus far as we've ventured into the online space, whether it be in the sports betting space or the online space that we haven't seen any cannibalization. We firmly believe that the 2 businesses are complementary and together that it makes for a much stronger product overall, so...

不。我只想說，根據我們迄今為止涉足在線領域的經驗，無論是在體育博彩領域還是在線領域，我們都沒有看到任何蠶食。我們堅信，這兩項業務是互補的，它們共同構成了更強大的產品，所以……

Our next question comes from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

So first, on the local segment. I think that revenues were up about 6% year-over-year. In the press release, you called out double-digit growth in nongaming. So I want to check, is it -- can we presume that gaming revenues were up there as well? And as far as it relates to margin, to the extent that non-gaming is a bigger part of the mix for this business right now and maybe in the next couple of quarters, how should we kind of think about the margin structure there given maybe the mix changes that are going on?

首先，在本地部分。我認為收入同比增長約 6%。在新聞稿中，您提到了非博彩業務的兩位數增長。所以我想檢查一下，我們是否可以假設遊戲收入也在那裡？就利潤率而言，就非博彩業務目前以及未來幾個季度在該業務組合中所佔的比重而言，我們應該如何考慮可能給出的利潤率結構正在發生的混音變化？

So I think it is fair to assume the gaming revenue did grow in the locals market during the quarter. We called out nongaming because we saw significant upside or uptick in the business, both on the hotel side and the F&B side. I commented a little bit earlier about the growth in convention business during the first quarter. That helped drive both meeting and convention business at The Orleans where we have a bit of space as well as room rates throughout the Las Vegas portfolio.

因此，我認為可以公平地假設本季度當地市場的博彩收入確實有所增長。我們之所以選擇非博彩，是因為我們看到酒店和餐飲方面的業務都有顯著的上升空間。我早些時候評論了第一季度會議業務的增長。這有助於推動奧爾良的會議和會議業務，我們在整個拉斯維加斯投資組合中擁有一些空間和房價。

Look, it's still not a significant portion of the locals business. Our gaming revenue still is what drives our results here in Las Vegas. But in a quarter like this, it was up significantly, which is why we called it out. I don't think there's a significant margin shift as a result of the growth in that business. So I wouldn't adjust your model for that.

看，它仍然不是當地人業務的重要部分。我們的博彩收入仍然是推動我們在拉斯維加斯取得業績的動力。但是在這樣的一個季度中，它顯著上升，這就是我們宣布它的原因。我認為該業務的增長不會導致利潤率發生重大變化。所以我不會為此調整你的模型。

No, I don't think it's significant enough of a contributor versus the -- I don't think -- Dan, just 1 other comment. I don't think it's significant relative to the gaming revenues we generate, but also we just improved the overall margins in those segments as well as we sequentially go through our business also. So we don't expect it to dilute our margins.

不，我認為與貢獻者相比——我不認為——Dan，只有 1 個其他評論，這還不夠重要。我認為相對於我們產生的博彩收入而言，這並不重要，但我們只是提高了這些細分市場的整體利潤率，並且我們也依次通過我們的業務。所以我們不希望它稀釋我們的利潤。

Got it. And then for my follow-up, if Flutter is exploring a secondary listing in the U.S. It seems like, obviously, they are the clear market leader. How do you think about the time frame or ways to maybe unlock the 5% stake that you have in FanDuel and would the listing possibly be a catalyst to get there?

知道了。然後對於我的後續行動，如果 Flutter 正在探索在美國二次上市，那麼顯然，他們顯然是市場領導者。你如何看待解鎖你在 FanDuel 中 5% 股份的時間框架或方式，上市是否可能成為實現目標的催化劑？

Look, I think we view our 5% ownership stake in FanDuel is a very strategic ownership stake. It's been a great partnership over the years. Obviously, it's created a very profitable online business for us. They're great partners, and it's great to have parted up with the market leader. How and when we might monetize some of that or any of that, TBD haven't really going to venture down that path. We're just focused on helping FanDuel to the extent we can continue to be a market leader and that's about it.

看，我認為我們認為我們在 FanDuel 的 5% 股權是一個非常具有戰略意義的股權。多年來，這是一個很好的合作夥伴關係。顯然，它為我們創造了一個非常有利可圖的在線業務。他們是很好的合作夥伴，很高興與市場領導者分道揚鑣。我們如何以及何時可以將其中的一部分或其中的任何貨幣化，TBD 還沒有真正打算沿著這條路冒險。我們只是專注於幫助 FanDuel 達到我們可以繼續成為市場領導者的程度，僅此而已。

Our next question is from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的 Brandt Montour。

Wondering if you'd be willing to give us your thoughts about the setup for Las Vegas citywide and convention calendar for the 2Q and 3Q. And if you look out and sort of see the activity and sort of think that can grow handily off of last year or if there's going to be any sort of pockets within that time frame where there's actually less activity. How do you think about that?

想知道您是否願意告訴我們您對拉斯維加斯全市的設置以及第二季度和第三季度的會議日曆的想法。而且，如果您注意並看到活動並有點認為去年可以輕鬆增長，或者在那個時間範圍內是否會有任何類型的口袋實際上活動較少。你怎麼看？

Yes. It's a good question. We're probably not the best suited to talk in detail about the convention business. We do have some space, as I said, at dealer leads and some limited space to other properties, but the convention business has rebounded once again, the numbers in January and February and March of this year grew significantly as each month went by.

是的。這是個好問題。我們可能不是最適合詳細討論會議業務的人。正如我所說，我們確實有一些空間，在經銷商線索和一些有限的空間到其他財產，但會議業務再次反彈，今年 1 月、2 月和 3 月的數字隨著每個月的過去而顯著增長。

I think we had over 700,000 attendees in the month of March. And the calendar, I do know is strong. The exact number of groups and where there may be a pocket of weakness, I couldn't articulate sitting here today. But the calendar is strong and convention business is continuing to grow. I think it's a great sign for the overall city and a great sign for our portfolio.

我認為 3 月份我們有超過 700,000 名與會者。我知道日曆很強大。小組的確切數量以及可能存在弱點的地方，我今天坐在這裡無法說清楚。但是日曆很強大，會議業務正在繼續增長。我認為這對整個城市來說是一個好兆頭，對我們的投資組合來說也是一個好兆頭。

That's super helpful. And then my second question is just on Sky River and the Managed and Other segment. Just when you think about that property and what it did in the fourth quarter and the first quarter, should we consider that sort of fully ramped here? And then is -- are you expecting some seasonality in that property throughout the year?

這非常有幫助。然後我的第二個問題是關於 Sky River 和 Managed and Other 部分。就在您考慮該物業及其在第四季度和第一季度的表現時，我們是否應該考慮這裡的這種全面增長？然後是——您是否預計該物業全年都會出現季節性變化？

Well, I think the best way I could answer it is that the business has been remarkably stable since we opened in August. We haven't seen many peaks or valleys. And so you could consider it fully ramped, and we gave some indication of what we thought the full year management fee might be that $65 million to $70 million. So it should be a kind of an indication. We think it's a pretty stable business. It has proven to be in the first 8 months that we've been open. We haven't been through a full year, so I don't think we fully understand seasonality of that business, but we haven't seen any true seasonality in the 8 months it's been open.

好吧，我認為我能回答的最佳方式是，自我們 8 月開業以來，業務一直非常穩定。我們沒有看到很多山峰或山谷。所以你可以認為它已經完全增加了，我們給出了一些我們認為全年管理費可能在 6500 萬到 7000 萬美元之間的跡象。所以它應該是一種指示。我們認為這是一個相當穩定的業務。事實證明，我們是在前 8 個月才開放的。我們還沒有經歷整整一年，所以我認為我們不完全了解該業務的季節性，但在它開業的 8 個月裡我們還沒有看到任何真正的季節性。

Our next question is from Edward Engel with ROTH.

我們的下一個問題來自 Edward Engel 和 ROTH。

Was there any notable improvement from the 65 plus retiree segment since the start of the year? Or was performance from that demographic generally in line with the rest of the core business?

自今年年初以來，65 歲以上的退休人員細分市場是否有任何顯著改善？或者該人口統計數據的表現是否與核心業務的其他部分大體一致？

I think that the 65-plus demographic performed extremely well, probably stronger than many other parts of the database. And so we're very pleased with how it performed, so...

我認為 65 歲以上的人口統計表現非常好，可能比數據庫的許多其他部分都要強。所以我們對它的表現非常滿意，所以......

Got it. Helpful. And then it looks like just across the portfolio, your kind of core OpEx increased a bit Q-over-Q. Is that a fair run rate to kind of think about the rest of the year? Or are you still seeing some inflationary impacts that might continue to try that higher?

知道了。有幫助。然後看起來就在整個投資組合中，你的核心運營支出增加了一點 Q-over-Q。考慮今年剩餘時間的運行率是否合理？或者您是否仍然看到一些可能會繼續嘗試更高的通脹影響？

I think if you're projecting out, that's probably a fair run rate to use. Most of the costs have settled in as we look at the business. It's probably a good number to use going forward.

我認為如果你正在預測，那可能是一個合理的運行率。當我們審視業務時，大部分成本已經確定。這可能是一個很好的數字，可以繼續使用。

Our next question comes from Joe Stauff with Susquehanna.

我們的下一個問題來自 Joe Stauff 和 Susquehanna。

I wanted to ask you your commentary, Keith, about core customers. You had mentioned that average spend was up about 3%. But I wanted to know about just, say, volume. You also mentioned it grow -- it grew, sorry. But I was curious to see, did it -- I'm just learning English now. If it was a function of customers kind of moving up in the loyalty database in terms of total spending or that it was just kind of new customers coming into the casino?

基思，我想問你關於核心客戶的評論。您曾提到平均支出增長了約 3%。但我只想知道，比方說，音量。你還提到它在增長——它在增長，抱歉。但我很好奇地想看看，做到了嗎——我現在正在學習英語。就總支出而言，這是客戶在忠誠度數據庫中上升的功能，還是只是新客戶進入賭場？

So I think depending on which region, obviously, the numbers move around. But overall, we saw an increase in play from our core customers, and we saw increased counts of core customers. So total guest counts were up and play was up. So it's a combination of both.

所以我認為根據哪個地區，數字顯然會四處移動。但總的來說，我們看到核心客戶的參與有所增加，而且核心客戶的數量也在增加。所以來賓總數增加了，遊戲也增加了。所以這是兩者的結合。

Joe, just to add to that. First, I'm learning to speaking English as well. So that's okay. I think...

喬，只是為了補充這一點。首先，我也在學習說英語。所以沒關係。我認為...

Let me know when you get there, Josh.

喬希，你到了那裡就告訴我。

And I think from the perspective of -- we continue to see good health and not only Keith alluded to growing customer counts, but adding to the overall database as well. So sign-ups are improving and the value of those sign-ups has been improving really since we reopened from COVID. So that's been a theme as well. So we're -- the database overall is growing and the health of the database continues to be pretty good.

我認為，從這個角度來看——我們繼續看到良好的健康狀況，基思不僅提到了不斷增長的客戶數量，而且還增加了整個數據庫。因此，自從我們從 COVID 重新開放以來，註冊人數正在增加，這些註冊的價值確實在提高。所以這也是一個主題。所以我們——數據庫整體在增長，數據庫的健康狀況仍然很好。

Got you. Perfect. And if I could have a follow-up. I just wanted to figure out maybe seeing an update in some of the competitive markets that you have. And have you seen -- I guess, in particular, in those markets, one would think that promotional spending is higher, say, than certainly other markets without new supply, but if you can just comment maybe what you're seeing?

明白了完美的。如果我可以跟進。我只是想弄清楚，也許會看到您所擁有的一些競爭市場的更新。你有沒有看到 - 我想，特別是在那些市場中，人們會認為促銷支出比沒有新供應的其他市場肯定要高，但如果你能評論一下你所看到的？

Sure. So I'd say all of our markets are competitive. I don't think we have -- we don't have the good fortune of operating many (inaudible) markets that aren't competitive. I think when we look at marketing spend, kind of across the portfolio, whether it's here in Las Vegas or Downtown or across the Midwest and South, I would describe the landscape is rational, that most competitors have kind of fallen into kind of a steady cadence when they came out of COVID in terms of how they're going to market, some being much more aggressive operating pre-COVID, some being much more disciplined. And that hasn't changed much in Q1 or frankly, last year. And so here in Las Vegas, the market remains rational. Those that have been disciplined or disciplined, those that have been a little more aggressive, continue to be more aggressive. So nothing new there, and that same trend exists kind of across our portfolio of properties.

當然。所以我想說我們所有的市場都是競爭性的。我認為我們沒有 - 我們沒有經營許多沒有競爭力的（聽不清）市場的好運。我認為，當我們審視整個投資組合的營銷支出時，無論是在拉斯維加斯還是市中心，還是在中西部和南部，我都會描述景觀是理性的，大多數競爭對手都陷入了一種穩定的狀態就他們如何進入市場而言，他們從 COVID 中走出來時的節奏，有些在 COVID 之前更積極地運營，有些則更有紀律。這在第一季度或坦率地說，去年並沒有太大變化。所以在拉斯維加斯這裡，市場仍然是理性的。那些受到紀律處分或受到紀律處分的人，那些已經更具侵略性的人，繼續更具侵略性。所以那裡沒有什麼新鮮事，同樣的趨勢存在於我們的資產組合中。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自 Chad Beynon 和 Macquarie。

Given some of the stats that you gave on the broader Downtown visitation just in terms of overall engagement in that area, in addition to the strong growth that you put up at the Fremont post the December expansion, how are you thinking about additional opportunities down there? I know you said the Hawaiian customers are coming back. But are there opportunities for you to either expand or renovate kind of similar to what your -- what you did at Fremont given that it seems like a high return opportunity for the next several years?

鑑於您在該地區的整體參與度方面提供的關於更廣泛的市區訪問的一些統計數據，除了您在 12 月擴張後在弗里蒙特的強勁增長之外，您如何考慮那裡的其他機會？我知道你說過夏威夷顧客回來了。但是你是否有機會擴展或翻新類似於你在弗里蒙特所做的事情，因為這似乎是未來幾年的高回報機會？

Sure. Was your question related to the assets Downtown or across the portfolio?

當然。您的問題與市中心資產或整個投資組合有關嗎？

Downtown.

市中心。

Yes. So the Fremont has gone through a pretty full renovation. We'll complete it later this year with a remodel of other hotel rooms that was completed within the last 18 months, the expansion of the new food hall and the new sports book and some additional casino space that opened in December. And once again, we're just finishing the renovation of the rest of the casino space over the next several months. So that property will be complete, and there's really no additional square footage to expand into at that property. California Hotel and Casino, which is just a block away from the Fremont was fully renovated about 2 years ago. And so whether it's rooms or the casino floor, it's got a brand-new fresh look. The Main Street Station, which is across the street from the California hotel connected by a bridge over the street is going through a room renovation in the very, very near future. And so the entire kind of suite of assets Downtown will be fully updated, I'd say, by the end of the year.

是的。所以弗里蒙特經歷了一次相當全面的翻新。我們將在今年晚些時候完成它，對過去 18 個月內完成的其他酒店房間進行改造，擴建新的美食大廳和新的體育博彩以及 12 月開放的一些額外的賭場空間。再一次，我們將在接下來的幾個月內完成對其餘賭場空間的翻新。所以該物業將是完整的，並且實際上沒有額外的平方英尺可以擴展到該物業。距離弗里蒙特僅一個街區的加州酒店和賭場大約在 2 年前進行了全面翻新。因此，無論是客房還是賭場樓層，都煥然一新。 Main Street Station 與加利福尼亞酒店隔街相望，由街上的一座橋相連，在不久的將來正在進行房間翻新。因此，我想說，到今年年底，市中心的整套資產將得到全面更新。

Okay. Great. And then in terms of how you're thinking about the capital returns, this $100 million quarterly repo number has kind of been the bogey for several quarters. You executed on that this quarter and in the fourth quarter. Given that business sounds largely better kind of across the entire portfolio, what would it take to get you to change either overall capital allocation or just the repo number that you're thinking about here?

好的。偉大的。然後就你如何看待資本回報而言，這個 1 億美元的季度回購數字在幾個季度裡一直是個忌諱。你在本季度和第四季度執行了該任務。鑑於業務在整個投資組合中聽起來基本上更好，那麼需要什麼才能讓你改變整體資本配置或只是你在這裡考慮的回購數量？

Look, I think we'd have to just have the passage of time and more certainty about kind of where the overall economy is going, right? I think it is clearly still an uncertain economy out there. We're being cautious. We've done a great job managing through this. We have a solid business model. But in terms of taking the share repurchase number up higher, I think we're comfortable in the $100 million a quarter and committing to that. We've talked about that, I think, for more than a year now. And I just -- I don't see us kind of moving off of that any time in the near future. We just have to see business improve significantly and have more comfort about the broader economy and what's going on.

看，我認為我們必須隨著時間的流逝和對整體經濟發展方向的確定性增加，對嗎？我認為這顯然仍然是一個不確定的經濟。我們很謹慎。我們在這方面做得很好。我們有穩固的商業模式。但就提高股票回購數量而言，我認為我們對每季度 1 億美元感到滿意並致力於實現這一目標。我想，我們已經討論了一年多了。而且我只是 - 我認為我們在不久的將來任何時候都不會擺脫這種情況。我們只需要看到業務顯著改善，並對更廣泛的經濟和正在發生的事情有更多的信心。

Our next question comes from John DeCree with CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

Just wanted to follow up on Joe's question related to promotional activity. I think you answered it pretty clearly, but maybe to try another angle as it relates to Louisiana and Mississippi, where you've seen some softness in the last 2 quarters. Have those markets seen an increase in promotional activity relative to some of your other markets? Have competitors started to respond maybe a little more aggressively when there's been pockets of softness?

只是想跟進喬關於促銷活動的問題。我認為你回答得很清楚，但也許可以嘗試換個角度，因為它與路易斯安那州和密西西比州有關，你在過去兩個季度看到了一些疲軟。與您的其他一些市場相比，這些市場的促銷活動是否有所增加？當出現軟弱的情況時，競爭對手是否開始做出更積極的反應？

Nothing unusual. Once again, I would have called it out. But so if we look at Louisiana, Mississippi, you once again used that we're very rational, pretty stable from a marketing or promotional standpoint. We're not jumping out and doing anything crazy and we're not seeing competitors do anything that unusual. So again, nothing is consistent from month to month, but there's nothing unusual going on.

沒有什麼不尋常的。再一次，我會大聲疾呼。但是，如果我們看看密西西比州的路易斯安那州，您會再次使用我們非常理性，從營銷或促銷的角度來看非常穩定。我們不會跳出來做任何瘋狂的事情，我們也不會看到競爭對手做任何不尋常的事情。同樣，每個月都沒有什麼是一致的，但也沒有什麼不尋常的事情發生。

I appreciate the additional color. And then lastly, I don't think we could get you off the call without asking you about M&A. I know the environment's obviously have been not that active and your capital allocation policy is pretty clear. But I'm sure you guys get a good look at anything and everything that comes out there. So curious whether it might be land-based or digital if there's any increase in activity or things that you've seen over the last quarter or so, any change in the M&A environment or your thoughts as to how you might deploy capital?

我很欣賞額外的顏色。最後，我認為我們不能在不詢問您有關併購的情況下讓您掛斷電話。我知道環境顯然沒有那麼活躍，你的資本配置政策也很明確。但我敢肯定，你們對那裡出現的任何事物都有很好的了解。如果您在上個季度左右看到的活動或事物有所增加，併購環境或您對如何部署資本的想法有任何變化，那麼好奇它是基於陸地還是數字？

I think -- I don't think we have a whole lot of comments. Look, when we bought Palo, now known as Boyd Interactive, I think we're pretty clear about that was, as we viewed it a complete platform that gave us what we needed to head into the online digital space. And so there's really no additional acquisitions in that space like foresee and yes, we've grown a lot over the last 20 years through M&A, but nothing interesting to talk of...

我想——我認為我們沒有太多意見。看，當我們收購 Palo（現在稱為 Boyd Interactive）時，我認為我們非常清楚這一點，因為我們認為它是一個完整的平台，為我們提供了進入在線數字空間所需的一切。因此，在該領域確實沒有像預見的那樣進行額外的收購，是的，我們在過去 20 年中通過併購取得了很大的發展，但沒什麼好談的……

Congratulations again on another great quarter.

再次祝賀又一個偉大的季度。

Our final question will come from Stephen Grambling with Morgan Stanley.

我們的最後一個問題將來自摩根士丹利的 Stephen Grambling。

A quick follow-up on Brandt's earlier question. I think your comments about the events calendar in Las Vegas. We'd love to hear any thoughts you have on how more convention centered events like ConAg typically impact the Locals and Downtown segment versus some of the upcoming events on the strip like Formula One or the Super Bowl or perhaps get more of a leisure-oriented customer?

快速跟進 Brandt 之前的問題。我想你對拉斯維加斯的活動日曆發表評論。我們很想听聽您對更多以會議為中心的活動（如 ConAg）通常如何影響當地人和市中心部分以及一些即將舉行的一級方程式或超級碗活動或可能更多以休閒為導向的活動的看法顧客？

Look, I think anything that draws people into Las Vegas and fills up hotel rooms and creates demand, whether you're on the strip, whether you're in the locals market, we all benefit. And as they're able to price their rooms up, we're able to price our rooms up as the town is full. I gave a statistic during my prepared remarks that talked about 58% of the people visiting Las Vegas visit Downtown. So more people visiting Las Vegas means more people visit Downtown that supports our overall Downtown business. So there's not a huge distinction whether it is a sports-oriented crowd, a leisure-oriented crowd, and event oriented crowd, whether it's focused on entertainment or something else. If it's filling up the hotel rooms in Las Vegas, it's bringing people in town, then we're going to do better.

聽著，我認為任何吸引人們進入拉斯維加斯並填滿酒店房間並創造需求的東西，無論你是在拉斯維加斯大道上，還是在當地市場，我們都會受益。由於他們能夠為他們的房間定價，我們也能夠在城鎮客滿時為我們的房間定價。我在準備好的發言中給出了一個統計數據，其中談到訪問拉斯維加斯的人中有 58% 訪問市中心。因此，訪問拉斯維加斯的人越多，意味著訪問市區的人越多，這支持了我們在市區的整體業務。所以無論是運動型人群、休閒型人群、賽事型人群，還是以娛樂為主，還是以其他為主，都沒有太大的區別。如果它能填滿拉斯維加斯的酒店房間，把人們帶到城裡，那麼我們會做得更好。

Great. That's helpful. And maybe one other follow-up on FanDuel. Are the license access fees set over a specific length of time? Or are these negotiable at various points or even if they list the U.S. entity, does that trigger any changes in terms of the contract?

偉大的。這很有幫助。也許還有 FanDuel 的另一部後續作品。許可使用費是否設定了特定的時間長度？或者這些是否可以在不同的時間點進行談判，或者即使他們列出了美國實體，這是否會引發合同條款的任何變化？

Yes, Steve. So basically, each agreement has a life associated with it when it was originally approved in that state. It's generally a decade or more. And then there's no triggering event as a result of them choosing to list either Flutter or if they chose to list FanDuel at some point, that wouldn't trigger anything from our perspective either. So it's all status quo.

是的，史蒂夫。所以基本上，每個協議在該州最初獲得批准時都有與之相關的生命週期。一般是十年或更長時間。然後沒有觸發事件，因為他們選擇列出 Flutter，或者如果他們選擇在某個時候列出 FanDuel，從我們的角度來看，這也不會觸發任何事情。所以這一切都是現狀。

That will conclude the question and answers for this call. So I will pass the conference back over to the management team for any closing remarks.

本次電話會議的問答環節到此結束。因此，我會將會議轉回給管理團隊，聽取任何閉幕詞。

Thank you, Sierra, and thank you, everyone, for spending time with us today. And if you have additional questions or follow-up, please feel free to reach out to the company. Thank you very much.

謝謝 Sierra，也謝謝大家今天花時間和我們在一起。如果您有其他問題或跟進，請隨時與公司聯繫。非常感謝。

That concludes the Boyd Gaming's First Quarter 2023 Conference Call. Thank you all for your participation. You may now disconnect your lines.

Boyd Gaming 的 2023 年第一季度電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。